ISLAMABAD: Prime Minister Shehbaz Sharif directed authorities to accelerate the digitization of the licensing process for investors, a statement from his office said, as Pakistan seeks to curb red tape and facilitate investment in the country.
Sharif was chairing a review meeting on promoting investment in the country. Pakistan has eyed sustainable economic growth in recent years, with Sharif’s government stressing the need to enhance foreign investment and increase exports rather than relying on remittances and loans to strengthen the economy.
Sharif directed officials to make the process of regulatory compliance simpler and even more cost-effective to promote investment during the meeting, the PMO said.
“Connections between the government and investors should be strengthened, and the pace of digitization of the entire system for access to licensing and other services should be accelerated,” the PMO said about Sharif’s directives.
Participants were informed that the share of special economic zones (SEZs) in domestic exports in Pakistan from July to March of the current fiscal year was 3.7 percent.
The prime minister was briefed that the government has set a target to increase the share of SEZs in domestic exports to 8 percent by fiscal year 2028.
“A business-ready action plan for promoting investment is being prepared in consultation with the provinces,” the PMO said.
Participants were further told that the government is digitizing its services to simplify the process of obtaining government approvals for investors and businesspeople, for which the Pakistan Regulatory Registry is being established.
“There are currently 21 special economic zones operational in the country, and this number will reach 26 by June 2026,” the PMO said.
Pakistan formed the Special Investment Facilitation Council in 2023 to attract foreign investment in key sectors such as agriculture, livestock, mines and minerals, tourism and others.
Pakistan escaped a sovereign default in 2023 by securing a last-gasp financial bailout from the International Monetary Fund. Since then, the government has eyed consolidating its economic gains by increasing exports, undertaking fiscal reforms mandated by the global lender and increasing regional trade and investment partnerships.
